Prediction market platform Polymarket is reportedly in talks to raise $1bn at a valuation exceeding $20bn, a significant jump from its $8bn valuation in October. The company, which allows wagers on diverse events, is seeking new investment amid a surge of interest in prediction markets. This latest funding round, if successful, would nearly double its valuation from an April round where it raised $1bn at $15bn. Polymarket is competing with rival Kalshi, which recently secured $1bn at a $22bn valuation.

Despite boosting its market offerings and partnerships, including with the UFC and Serie A, Polymarket has faced challenges. These include technical glitches, lawmaker scrutiny, and accusations of insider trading, such as the case involving soldier Gannon Ken Van Dyke. The platform is also under investigation by the Commodity Futures Trading Commission. Polymarket maintains it is committed to fair and transparent markets and highlights the arrest of Van Dyke as proof its systems work. The company has nearly 300 employees, up from a few dozen at the start of 2025.